PennyMac Financial Services (NYSE:PFSI) Price Target Lowered to $106.00 at Piper Sandler

PennyMac Financial Services (NYSE:PFSI) had its price target decreased by equities researchers at Piper Sandler from $112.00 to $106.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s price target would suggest a potential upside of 25.19% from the stock’s previous close.

Several other equities analysts also recently commented on PFSI. Wells Fargo & Company lowered their price objective on shares of PennyMac Financial Services from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings cut PennyMac Financial Services from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 6th. Barclays reduced their price target on PennyMac Financial Services from $116.00 to $107.00 and set an “overweight” rating on the stock in a report on Monday, May 11th. Keefe, Bruyette & Woods lowered their price target on PennyMac Financial Services from $115.00 to $108.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Finally, Stephens assumed coverage on PennyMac Financial Services in a report on Friday, April 24th. They issued an “equal weight” rating and a $100.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $116.38.

PennyMac Financial Services Stock Down 2.8%

Shares of NYSE PFSI opened at $84.67 on Thursday. The firm’s fifty day moving average is $85.48 and its 200 day moving average is $101.07. PennyMac Financial Services has a 52 week low of $77.67 and a 52 week high of $160.36. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 3.63. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 9.00, a PEG ratio of 0.57 and a beta of 1.44.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $2.19 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.03). The firm had revenue of $544.98 million for the quarter, compared to analysts’ expectations of $546.17 million. PennyMac Financial Services had a net margin of 23.47% and a return on equity of 10.93%. The company’s quarterly revenue was up 26.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.42 EPS. On average, equities research analysts expect that PennyMac Financial Services will post 10.68 earnings per share for the current year.

Insider Transactions at PennyMac Financial Services

In other news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $87.99, for a total value of $879,900.00. Following the completion of the sale, the chief executive officer directly owned 60,604 shares of the company’s stock, valued at approximately $5,332,545.96. This trade represents a 14.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Gregory L. Hendry sold 2,943 shares of PennyMac Financial Services stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $81.71, for a total transaction of $240,472.53. Following the sale, the chief accounting officer directly owned 48,968 shares in the company, valued at $4,001,175.28. The trade was a 5.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 25,868 shares of company stock valued at $2,304,610. Company insiders own 15.80% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of PFSI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of PennyMac Financial Services by 0.7% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust’s stock worth $1,598,000 after acquiring an additional 111 shares during the period. GAMMA Investing LLC lifted its stake in shares of PennyMac Financial Services by 97.3% in the 4th quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 142 shares during the period. Sei Investments Co. boosted its position in shares of PennyMac Financial Services by 0.7% during the third quarter. Sei Investments Co. now owns 22,145 shares of the real estate investment trust’s stock valued at $2,743,000 after purchasing an additional 146 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of PennyMac Financial Services by 1.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 16,236 shares of the real estate investment trust’s stock valued at $2,026,000 after purchasing an additional 163 shares in the last quarter. Finally, Cerity Partners LLC grew its stake in PennyMac Financial Services by 7.3% in the fourth quarter. Cerity Partners LLC now owns 2,399 shares of the real estate investment trust’s stock worth $316,000 after purchasing an additional 164 shares during the period. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.